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The European Parliament voted to move forward with the digital euro, initiating final negotiations with EU member states. This step accelerates the EU’s push into central bank digital currency, prompting banks and fintechs to prepare for new regulatory frameworks and potential shifts in consumer payment preferences as the digital euro’s structure is finalized.
Block agreed to a $45 million settlement after allegations that Cash App failed to adequately protect users from fraud, resolving investigations by 46 US states. The settlement may erode user trust in Cash App and open the door for rivals like Venmo and Zelle to capture market share. Peer-to-peer payment providers are likely to face tighter regulatory scrutiny and will need to invest in more robust fraud prevention systems.
Source: FinextraSony Bank received conditional approval from the OCC to launch a US national trust bank focused on stablecoins. This move positions Sony Bank to compete directly with established stablecoin issuers and signals that large technology firms are entering regulated digital asset markets, potentially increasing pressure on banks and fintechs to innovate or partner in the stablecoin space.
Source: FinextraSeventeen banks across six countries will pilot live transactions using Swift’s blockchain-based shared ledger, leveraging tokenized deposits for round-the-clock payment availability. The pilot aims to streamline cross-border payments and reduce reliance on legacy correspondent banking, prompting banks to rethink liquidity management and transaction speed as blockchain-based settlement gains traction.
Source: FinextraPayPal will issue its PYUSD stablecoin natively on Polygon, integrating with Polygon’s Open Money Stack to broaden access and utility. This expansion strengthens PayPal’s position in the stablecoin market and intensifies competition with USDC and Tether, especially for cross-border and DeFi use cases, while payment processors and DeFi platforms must adapt to stablecoin rails becoming more deeply embedded in mainstream payment flows.
Source: The Block“Wire transfers in the US still rely on a messaging system from the 1970s, which is why some domestic wires can take hours or even a full business day to settle.
Filed under: Payments History · The Long Memory
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